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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2011
EARNINGS PER SHARE  
EARNINGS PER SHARE

22.   EARNINGS PER SHARE

  • Earnings (loss) per share for the years ended December 31, 2011, 2010 and 2009 were calculated as follows:

   
   2011   2010   2009  
 

Net income (loss)

   $ 159,559   $ (208,193 ) $ 176,455  
                 
 

Basic weighted-average number of common shares outstanding (000s)

     304,655     195,808     158,236  
 

Dilutive effect of stock options and RSUs (000s)

     8,484     —     274  
 

Dilutive effect of convertible debt (000s)

     12,980     —     —  
                 
 

Diluted weighted-average number of common shares outstanding (000s)

     326,119     195,808     158,510  
                 
 

Basic earnings (loss) per share

   $ 0.52   $ (1.06 ) $ 1.11  
 

Diluted earnings (loss) per share

   $ 0.49   $ (1.06 ) $ 1.11  
                 

  • In 2010, all stock options, RSUs and Convertible Notes were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive, as it would have reduced the loss per share. The potential dilutive effect of stock options, RSUs and Convertible Notes on the weighted-average number of common shares outstanding was as follows:

   
   2010  
 

Basic weighted-average number of common shares outstanding (000s)

     195,808  
 

Dilutive effect of stock options and RSUs (000s)

     2,774  
 

Dilutive effect of Convertible Notes (000s)

     6,947  
         
 

Diluted weighted-average number of common shares outstanding (000s)

     205,529  
         

  • As the Company's intent and policy is to settle the Convertible Notes using a net share settlement approach, only the common shares potentially issuable with respect to the excess conversion value of the Convertible Notes over their principal amount were considered as dilutive potential common shares for purposes of calculating diluted earnings per share. In 2009, the average conversion value of the 5.375% Convertible Notes was less than the related principal amount, and, accordingly, no common shares were assumed to be issued for purposes of calculating diluted earnings per share.

    In 2011, 2010 and 2009, stock options to purchase approximately 271,000, 1,465,000 and 2,950,000 weighted-average common shares, respectively, were not included in the computation of diluted earnings per share because the exercise prices of the options were greater than the average market price of the Company's common shares and, therefore, the effect would have been anti-dilutive.